Holtec Nuclear moved to the front of next week’s calendar after filing updated IPO terms that spelled out exactly what it intends to buy from its parent and where the rest of the cash could go in its SMR and adjacent programs. Elsewhere, the week was dominated by new filings—spanning a nuclear heavyweight, a reopened consumer brand name, and a cluster of small-cap biotech and Singapore-based issuers—plus one notable withdrawal.
In pre-IPO positioning, secondary-market marks continued to put trillion-dollar sticker prices on the largest AI names, while prediction markets priced an even bigger step-up for SpaceX’s eventual IPO-day close.
What's coming
Holtec Nuclear (HNUC) set terms on Sept. 8 for an $825 million IPO and tied the raise to a specific related-party purchase. In its S-1/A, Holtec said it intended to use proceeds to purchase 50,000,000 Class A Interests from Holtec International and for general corporate purposes including accelerating SMR-300 licensing, deployment and manufacturing capacity, commercializing Holtec Green Boiler and HI-THERM HCSP innovations, and expanding cybersecurity and national defense programs. The syndicate listed in the filing included J.P. Morgan, Guggenheim, Goldman Sachs, Citi, BofA Securities, Morgan Stanley, Cantor Fitzgerald, BMO Capital Markets, and Oppenheimer.
IPOScoop reported the terms-setting in “The IPO Buzz” (Sept. 8), and the filing adds the operational context behind the headline: Holtec positions itself as a vertically integrated nuclear supplier with 90% U.S. market share in wet spent fuel storage and ~75% U.S. market share in dry spent fuel storage (as of June 30, 2026), plus an SMR effort centered on the SMR-300 and a nuclear restart at Palisades expected in 2026 ahead of a March 2027 commitment date.
Orion180 Insurance Group (OIG) set terms on Sept. 9 for a $320 million IPO and framed proceeds as growth capital with optional debt paydown. The specialty property insurer said it planned to use net proceeds “as capital to grow our business and for other general corporate purposes,” and that it “may also use a portion…to repay outstanding indebtedness under our New Credit Facility.” Orion180 describes itself as the second largest E&S homeowners provider in the U.S. by direct written premiums, with ~$601 million in managed premiums written for the LTM ended June 30, 2026, and a distribution footprint of more than 14,000 active independent agents (as of June 30, 2026). Underwriters listed included RBC Capital Markets, UBS, Raymond James, Goldman Sachs, Deutsche Bank, Citizens JMP, and Texas Capital Securities.
How the week's deals went
No priced IPOs were included in this week’s data.
Before they list
SpaceX continued to trade like a two-market story: a ~$1.67T secondary mark versus IPO-day brackets clustered far higher. Nasdaq Private Market showed a secondary print valuing SPACE EXPLORATION TECHNOLOGIES CORP at ~$1.674T as of June 28, 2026. On Polymarket, however, traders priced the $2.0T–$2.5T IPO-day closing market cap bracket at 0.945 (volume $396,337), while assigning 0.0225 to $2.5T–$3.0T (volume $1,059,520) and 0.002 to $3.0T–$3.5T (volume $608,233). (Those brackets appear verbatim in the market set for “spacex-ipo-closing-market-cap.”)
AI private marks stayed extremely high, while perpetual funding suggested mild-to-moderate “carry” to hold longs in the largest names. Nasdaq Private Market prints as of June 28, 2026 valued Anthropic at ~$1.076T and OpenAI at ~$868.0B. In Kraken’s pre-IPO perps as of Sept. 13, annualised funding ran ~5.6% (7d) / ~6.0% (30d) for Anthropic (PF_ANTHROPICXUSD) and ~5.5% (7d) / ~5.5% (30d) for OpenAI (PF_OPENAIXUSD)—positioning that implies traders were paying mid-single-digit annualised rates to maintain long exposure (or earning that to be short), rather than the extreme squeezes sometimes seen around new filings.
Also this week
Motive Technologies withdrew its offering on Sept. 10, per Nasdaq. The company had positioned itself as an “Integrated Operations Platform” for physical operations—covering Driver Safety, Fleet Management, Equipment Monitoring, Spend Management, Workforce Management, and AI Vision—built on a “Physical Operations Graph” data layer. It reported scale metrics in its IPO materials including nearly 100,000 customers (as of Sept. 30, 2025) and an installed base of more than one million vehicles and assets contributing data to its system.
Rent the Runway filed publicly again on Sept. 11 with a $357 million proposed raise and a filing that reads like a reset of the business model mix. The S-1 emphasized an “asset-light” sourcing shift: items acquired through Share by RTR (consignment/revenue-share) and Exclusive Designs together rose from ~26% of products in FY2019 to ~54% in FY2020, with the company anticipating “a similar acquisition mix” for FY2021. RTR also disclosed subscriber counts and COVID-era operating results in the filing: revenue of $256.9 million (FY2019) vs $157.5 million (FY2020), and ending active subscribers of 133,572 (FY2019) vs 54,797 (FY2020).
Acurx Pharmaceuticals filed on Sept. 8 with a Pol IIIC antibiotic thesis aimed at resistant Gram-positive pathogens. The company said its approach is to develop antibiotic candidates that block DNA polymerase IIIC (Pol IIIC), describing it as required for DNA replication in certain Gram-positive bacteria and positioning its candidates against C. difficile, MRSA, VRE, and PRSP among others. (The filing listed 3 employees.)
Eloxx Pharmaceuticals filed on Sept. 11 with a readthrough platform and a near-term exaluren plan in rare kidney disease. Eloxx’s S-1 described exaluren as a “eukaryotic ribosome-selective glycoside” designed to promote readthrough of premature stop codons. The company said it planned to initiate a Phase 2b trial in Alport syndrome with nonsense mutations in Q3 2026, with topline data from the initial 16-week placebo-controlled portion expected mid-2027 and a final readout by end of 2027. The filing also detailed a March 2024 exclusive license of ZKN-013 to Almirall, including $3 million upfront and a $3 million development milestone paid in 2024, plus eligibility for up to ~$470 million in additional milestones and tiered royalties.
MapLight Therapeutics filed on Sept. 9 with a CNS pipeline led by a muscarinic program. The S-1 described “circuit-targeted therapeutics” for CNS disorders including schizophrenia, Alzheimer’s disease psychosis, and ASD, with product candidates including ML-007C-MA (fixed-dose M1/M4 muscarinic agonist co-formulated with a peripherally acting anticholinergic) and ML-007.
Cuprina set a $4.00 offering price on Sept. 11 and remained one of the more unusual medtech/cosmeceutical mixes in the file stack. The Singapore-headquartered Cayman issuer described wound care products including MEDIFLY sterile blowfly larvae bio-dressing products (maggot debridement therapy), collagen dressings derived from bullfrog collagen, and products utilizing medical leeches for wound treatment, alongside a small cosmeceutical lineup.
Accelevation set terms on Sept. 11 and anchored its equity story in data-center infrastructure execution and backlog. The company described itself as a vertically integrated “Design. Manufacture. Install.” platform for power distribution and white space infrastructure serving hyperscale, colocation, AI and cloud data centers, citing 147% year-over-year revenue growth from 2024 to 2025 and ~$1.1 billion backlog as of June 30, 2026.
The agenda
| Symbol | Company | Sector | Price range | Date |
|---|---|---|---|---|
| HNUC | Holtec Nuclear Corp | Electric Utilities | $15.00 - $18.00 | Fri, Sep 18 |
| OIG | Orion180 Insurance Group Inc. | Insurance | $15.00 - $17.00 | Fri, Sep 18 |